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SearchFlow responds to Chancellor’s 2017 Autumn Budget

SearchFlow, the property intelligence specialist, has welcomed news from today’s Budget, which sees the immediate abolishment of Stamp Duty Land Tax for first time buyers, when purchasing a property up to the value of £300,000.

“It is great news that the Chancellor has abolished stamp duty for first time buyers who are purchasing properties up to £300,000. This will ease the burden of huge up-front costs and help make buying a home reality for many. However, one of the key issues is still around the lack of properties and housing available so investment in this area is much needed. The government’s commitment to building 300,000 homes by 2020 and investing £44bn of capital investment for new housing projects should help to boost the housing market, but it’s one to watch.”

The changes to Stamp Duty Land Tax will apply immediately for first time buyers in England, Wales and Northern Ireland, although the Welsh government will decide whether to continue it when stamp duty is devolved in April 2018. In addition, the update will not apply in Scotland unless the Scottish government decides to follow suit.

The Chancellor is also implementing the compulsory purchase of land banked by developers for financial reasons; there will be a 100% council tax premium to be levied on empty properties; a pledge to review delays in developments given planning permission being taken forward; plus a new homelessness task force is set to launch.

With more than one million conveyancing searches run every year for over 2,500 legal clients across England and Wales, SearchFlow is regarded as one of the leading providers of comprehensive searches, surveys, identity checks and conveyancing insurance solutions.